The Federal Inland Revenue Service (FIRS) generated N5.5 trillion in the first half of 2023. This is an increase of 20% from the N4.5 trillion generated in the same period in 2022.
The FIRS attributed the increase in revenue to many factors. Including the implementation of the Voluntary Assets and Income Declaration Scheme (VAIDS). The expansion of the tax net, and the improvement in tax compliance.
In 2017, the government launched the VAIDS scheme. This enables taxpayers to declare their assets and income without fear of prosecution. The scheme has been successful in encouraging taxpayers to come forward and declare their assets and income.
The FIRS has also expanded the tax net by registering more taxpayers. And collecting taxes from businesses that were before not paying taxes. The improvement in tax compliance is due to many factors. Including the increased use of technology by the FIRS and the stricter enforcement of tax laws.
The N5.5 trillion generated by the FIRS in the first half of 2023 is a significant achievement. We will use the revenue to finance government programs and projects, as well as improve the country’s infrastructure.”
FIRS chairman, Muhammad Nami, said they are determined to collect more revenue in the second half of the year. He also mentioned that the FIRS will keep using technology, and innovative methods to improve tax compliance.
Nami said. “We are committed to ensuring that everyone pays their fair share of taxes. We are confident that we will be able to collect more revenue in the second half of the year.”
The N5.5 trillion generated by the FIRS in the first half of 2023 is a positive sign for the Nigerian economy. It shows that the economy is growing and that businesses are becoming more compliant with tax laws. The government will use the revenue to finance projects and improve the country’s infrastructure.
